Not Flipping

The fate of hamburger chain Wendy's International continues to hang in the air after directors there rejected two acquisition offers from entities tied to investor Nelson Peltz.

Wendy's directors this week turned down an offer from Mr. Peltz's hedge fund, Trian Fund Management, and Triarc Cos., parent of the Arby's chain, to combine Wendy's and Arby's, as well as another offer from them to buy Wendy's for more than $900 million in cash and stock, according to a regulatory filing made Friday. The tight credit markets have...